The data: American Express’ billed business grew 30% year over year (YoY) in Q2, per its earnings presentation. That’s a slowdown from Q2 2021’s 51% YoY surge, which was fueled by a release of post-lockdown spending.
Here’s a closer look at Amex’s billed business segment:
How we got here: Four factors may have contributed to Amex's strong Q2.
What’s next? Amex’s card revamps can help it capitalize on consumer spending trends.
Amex updated rewards on its Blue Cash Everyday card earlier this month with higher cash-back rewards for online shopping and gas stations and new rewards for streaming services. And it added several new T&E perks for its Marriott Bonvoy Business card last week. Amex's reward updates can help strengthen customer loyalty and acquire new cardholders: Forty-four percent of US consumers cited rewards as their main reason for applying for a new credit card during the pandemic, per a 2022 LendingTree survey.
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